CURRENT AFFAIRS

Detailed explanation-1: -On 31 January 2023, the Andorran General Council (parliament) approved the ratification of the pending income and capital tax treaty with Monaco.

Detailed explanation-2: -in the case of Kuwait: Where a resident of Kuwait derives income which, in accordance with the provisions of this Agreement, may be taxed in both-India and Kuwait, Kuwait shall allow as a deduction from the tax on the income of that resident, an amount equal to the income-tax paid in India.

Detailed explanation-3: -As stated earlier, there is no personal tax in the state of Kuwait. Accordingly, there is no tax implication for individuals in Kuwait, except for the existence of a representative of a foreign corporation in relation to a business contract, which may lead to tax compliance requirements for the foreign entity.

Detailed explanation-4: -India has signed double tax avoidance agreements (DTAAs) with a majority of the countries and limited agreements with eight countries.